Dec 10, 2010 ~ Business

Friday, December 10, 2010

Canadian dollar headed for the biggest weekly loss in a month against the dollar

Canadian dollar headed for the biggest weekly loss in a month against the dollar as investors speculated the central bank will not raise interest rates until late next year and crude oil, the mainstay of country's exports, fell.

The Canadian dollar as Canada's currency is nicknamed, has declined 0.5 percent in the last five days. Bank of Canada Governor, Mark Carney, kept the benchmark interest rates steady at 1 percent on 07 December for the second consecutive meeting, highlighting the threats to economic recovery.

"The statement of the Bank of Canada this week will be a drag on the currency, because there is absolutely nothing out there for rate hikes for the foreseeable future," said John Curran, a senior vice president based in Toronto in CanadianForex Ltd ., an online distributor of foreign exchange. "At least the second quarter of next year. Most people are probably looking for the third quarter."

The Canadian currency traded at C $ 1.0093 per U.S. dollar at 12:29 am in Toronto, compared with C $ 1.0106 yesterday. It closed at C $ 1.0039 on December 3, when it reached C $ 1.0003, the highest since Nov. 11. One Canadian dollar buys 99.01 U.S. cents.

Oil, which accounts for 21 percent of the Bank of Canada material Price Index, the largest single component, is directed to a drop of 1.7 percent this week on concern that moves by the People's Bank of China to counter inflation below the demand for raw materials. January crude oil futures fell 0.8 percent today to $ 87.64 a barrel in New York after touching $ 90.76 on 7 December, the highest since October 2008.

Commodities Slip

The Reuters-Jefferies CRB Index of commodities fell 0.3 percent today, headed for a weekly loss. The Canadian dollar has risen 4.3 percent this year, partly by demand from the nation's commodities, including gold, crude oil, copper, lumber and wheat, representing about half of their export earnings .

The Canadian currency rose even more than most of their counterparts today as the euro fell on speculation Europe's sovereign debt crisis will worsen and the U.S. dollar rose to Consumer confidence rose more than expected. America is the largest trading partner of Canada.

"Oil has softened, but still I think the Canadian dollar to continue to hover around here." Blake said Jespersen, director of foreign exchange at Bank of Montreal in Toronto. "We have a lot of interested vendors between C and C $ 1.0130 and $ 1.0150 a lot of buyers for C $ 1.0050 down to parity, but we've been stuck in this range."

The Canadian dollar reached last base one by one with the U.S. dollar five days from 5 November.

Beware increases

The Bank of Canada said in its statement this week that will remain wary of future increases in interest rates decline in exports and the crisis of European sovereign debt hinder economic recovery.

"A combination of disappointing productivity performance and continued strong Canadian dollar could slow the expected recovery in net exports," the bank said.

Policy makers kept the key rate on overnight loans by 1 percent during the first half of 2011 and raise it to 1.5 percent in the third quarter, according to the median forecast in a survey of 23 economists and analysts.

The first central bank remained unchanged in borrowing costs in October after three successive increments of a quarter percentage point at each start June 1, when he became the first among the Group of Seven countries to raise rates interest since July 2008.

Canada's trade deficit fell to C $ 1,710,000,000 (1.69 billion U.S. dollars) from a revised C $ 2,310,000,000 in September to record exports of copper and precious metals, the national statistics agency said. The surplus with the U.S. was reduced to the smallest since 1992. Economists surveyed by us News predicted an October deficit of C $ 2.1 billion.

Inflation in China

The People's Bank of China increased reserve requirements by 50 basis points from December 20, the central bank said on its website today. It was the third increase in five weeks.

Consumer prices in China rose 4.7 percent in November from the previous year, a report tomorrow will show statistics, according to the median forecast in a survey amid speculation that the Asian nation will tighten policy monetary.

The index of Thomson Reuters / University of Michigan preliminary consumer sentiment USA rose to 74.2, a maximum of six months, from 71.6 in late November. Economists forecast a reading of 72.5.

The euro fell today against most of its partners as leaders of Germany and France said they are against increased funding to quell the crisis of sovereign debt before next week's summit of EU leaders.

Senate leaders issued an agreement designed by the White House and Republicans to keep rates the Bush tax until 2012, the estate tax set at the lowest rate in 80 years, increase aid and reduce unemployment payroll taxes by 2 percentage points.

Legislation to add 857 billion U.S. dollars to the federal debt over 10 years, government analysts.

President Barack Obama, in an interview with NPR Broadcast News today, said he is "confident" that the tax treaty will largely intact to keep the tax cuts that expire at the end of the year. "No one - Democrat or Republican - wants to see paychecks of the smallest people on Jan. 1 because Congress did not act," he said.

Senate Majority Harry Reid introduced legislation late yesterday after three days of pressure from Democrats to include measures excluded from the framework announced Dec. 6 by Obama. The measure includes provisions in favor of Democrats, such as ethanol subsidies renovated nearby. Others, such as an extension of the Build America Bonds, did not make the cut.

Reid scheduled a procedural vote on the bill December 13.

The congressional Joint Committee on Taxation, which estimates the revenue effects of tax legislation, said the provisions will cost the government $ 801 300 000 000 of revenue forgone for 10 years. Extending unemployment benefits for 13 months, another feature of the package would cost $ 56 billion, says Obama administration.

The proposal would extend the Bush-era cuts taxes for all income levels. A two-year extension of those guys that cost $ 407 600 000 000, according to the Joint Committee on Taxation.

Capital gains, dividends

The bill would maintain the reduced rates enacted in 2001 and 2003 on income, capital gains and dividends from expiring on Dec. 31. To preserve the current rate of 15 percent for most dividends and capital gains, like 10, 15, 25, 28, 33 and 35 percent tax rates on income.

The $ 1,000 child credit to avoid being cut in half, the abolition of the so-called marriage penalty would remain, and tax credits to subsidize the adoption, higher education and childcare will be extended.

The bill includes provisions of the law last year's economic stimulus Democrats in favor, including a grant from the Treasury instead of tax credits for solar, wind and renewable energy conversion. The change helps businesses unprofitable and could not take advantage of the credits.

In the long term unemployed

The bill to extend federal unemployment insurance for long-term unemployed for 13 months, covering all of 2011, and cut workers' participation in Social Security taxes to 4.2 percent. Would be temporary alternative minimum tax rate, he backed a tax increase provides $ 136700000000 affect some 21 million Americans this year and next.

"If this commitment is, all taxpayers are going to win," said Kathy Pickering, executive director of the Institute of Tax H & R Block in Kansas City, Missouri. "First of all, being able to take advantage of the credits will expire and not having the increased tax rate."

A provision Democrats who many call the most objectionable would create a rate of 35 percent additional tax on properties that would apply after a minimum exemption of $ 10 million per couple is exhausted. The 2001 law temporarily eliminated the estate tax for the year 2010 only, and the rate is scheduled to return in 2011 with a rate of 55 per cent higher and a $ 2 million per couple, tax free.

House Democrats cited the provision, championed by Arizona Republican Sen. Jon Kyl, one of the main reasons yesterday approved a nonbinding resolution to block consideration of the context of the White House-Republican "in its current form." House of Representatives, Nancy Pelosi, a California Democrat, said he still can bring a bill to the floor.

Business Deductions

For businesses, the measure provides an opportunity for a year to deduct the cost of investment, including software, equipment and entire factories instead of despising the acquisitions over time as the current rules require. The provision would be effective for purchases after September 8, the day that Obama first proposed the idea.

Companies also benefit from a two-year retroactive reinstatement of dozens of tax cuts, many of which expired a year ago. Among them: a research tax credit claimed by thousands of companies like Harley-Davidson Inc. and Microsoft Corp. tax deferral benefits associated with the activities of foreign loans by companies such as General Electric Co. and JPMorgan Chase & Co., again be allowed.

A 45 cents per gallon tax credit for ethanol production, which expires at year's end, would extend for one year.

Bond Program

The measure does not include some features of the economic stimulus bill of 2009 that expire at the end of the year. The legislation allows the program to Build America Bonds to take effect, for example. The program has been the fastest growing segment of the municipal bond business and the U.S. has been a source of subscription rates for companies like Goldman Sachs Group Inc. and Bank of America Corp.

Also excluded from the package was a renewal of a tax break sought by state lawmakers wood. Established by the 2008 farm bill provides for a tax rate of 15 percent of capital gains from sales of company-owned timber. The provision, which would cost 339 million U.S. dollars to renew until next year, expired in mid-2009.

The measure omits an extension of the power of advanced manufacturing, which has provided tax credits to companies investing in battery technology. The administration has been seeking an infusion of 5 billion U.S. dollars in the program.

Companies such as Dow Corning Corp., EI DuPont de Nemours & Co., GE and United Technologies Corp. took advantage of an initial $ 2.3 billion for the program in the stimulus bill.

The agreement has no fiscal compensation to increase revenue. Not include higher taxes on carried interest earned by fund managers of private capital and some real estate investors. Many Democrats have been trying this compensatory income tax as ordinary income, not capital gains.

Russia's second largest bank has become the first company of one of the emerging markets outside Asia to sell bonds

VTB Group, Russia's second largest bank has become the first company of one of the emerging markets outside Asia to sell bonds denominated in Chinese yuan, reduce the cost of raising money by looking east instead of west.

VTB sold 1 million yuan ($ 150 million) three-year bonds yielding 2.95 percent today. The offer was "oversubscribed significantly, with Asian investors accounting for about 90 percent of the sale, the bank said in a statement. VTB ruble bonds due in October 2013 are yielding 7.58 percent and the rate of dollar bonds in March 2015 is 5395 percent.

The Moscow-based bank is McDonald's Corp. and Caterpillar Inc. in the sale of debt debut yuan this year to expand its funding sources. Russia and China are trying to promote the use of international currencies, as well as bilateral trade to dilute the dominance of the euro and the dollar. Moscow's MICEX stock exchange to introduce the ruble trade December 15 yuan, after China allowed its currency to trade against the ruble in the interbank market on 22 November.

"This proves the point that major emerging market currencies are becoming the reference value," said Luis Costa, emerging markets strategist at Citigroup Inc. in London. "It's a long road to tread, but the perception of development compared with developed markets risk is about to dissipate in the future."

The sale will be the first of China's currency to a Russian company, as well as any vendor in the emerging markets outside the region of Asia. The ruble weakened 5.3 percent against the yuan this year.

More Currencies

VTB sold 400 million Singapore dollars ($ 305 million) of two-year notes yielding 4.2 percent in July. Notes was 3.604 percent today.

The state-owned bank also plans to offer debt in Brazilian reais. VTB postponed its debut sale of bonds in five years last month, citing market volatility. VTB also said it could sell bonds in yen, Hong Kong dollar and Korean won.

Sales of debt in emerging market currencies are part of the bank's strategy to broaden its investor group, Vice President Herbert Moos, said in an emailed response to questions on 8 December. The plan shows the BRIC countries - Brazil, Russia, India and China - can sell debt among themselves, he said.

The yuan bonus means "the emergence of a new global trend of the emission BRIC BRIC" said Moos.

McDonald's became the first international company to issue non-financial debt in China's currency, when it sold 200 million yuan, 3 percent notes due in September 2013 on 20 August. Russia United Co. Rusal, the world's largest aluminum producer, also plans to sell yuan-denominated bonds, as it expands its presence in China, Oleg Mukhamedshin, leads the nation in capital markets, said in September.

Currency risk

While the sale of debt in China's currency allows companies to "explore other sources of wealth in emerging markets," VTB is unlikely to be followed by many issuers of Russia because the risk of currency appreciation and limited trade to reduce the attractiveness of lower yields, said Costa.

Yields about 3 percent may also be too low for investors, said Sergio Dergachev, who helps manage the equivalent of $ 8.5 billion in emerging market debt Union Investment in Frankfurt and not buy the bonds.

"The bond may be of interest to those who bet on rising yuan," said Dergachev.

Investors expect the yuan to strengthen by 2.2 percent against the dollar within a year of 6.5115, according to non-deliverable, or NDF, followed by us.

Ruble Rate

The exchange rate has changed little, less depreciation of 0.1 percent to 30.9350 per dollar in trading in Moscow today. Opinions that provide guidance to the expectations of currency movements and interest rate differentials and allow companies to meet, show the ruble 31.2006 per dollar in three months.

Russian bonds in 2020 to the dollar were little changed, leaving production to 4.922 percent. The price of ruble notes maturing in August 2016 the country remained unchanged, maintaining the yield to 7.31 percent.

The cost of protecting Russian debt against default by five years using credit-default swaps fell 1 basis point to 145 yesterday, down from the peak this year of 217, according to data provider CMA. The contracts pay the buyer face value in exchange for the underlying securities or the cash equivalent of a government or a company fail to adhere to its debt agreements.

Swaps credit-default for Russia, rated Baa1 by Moody's Investors Service, the third lowest investment grade rating, cost 14 basis points more than the contracts in Turkey, classified as four levels lower than Ba2. Russia swaps cost as much as 40 basis points less on 20 April.

Extra Performance

The extra yield investors demand to hold the Russian debt rather than U.S. Treasuries fell 1 basis point to 202, according to JPMorgan EMBI + index. The difference compared to 124 for Mexico's debt with similar qualifications and 167 for Brazil, two steps that is rated below Baa3 by Moody's.

The yield of Russian bonds is 30 basis points below the average for emerging markets, down from a maximum of 15 months from 105 in February, according to JPMorgan.

yuan in bonds issued by Chinese companies have returned 3.4 percent this year from 09 December, according to the rate of Bank of America Merrill Lynch. corporate debt denominated ruble gained 4 percent this year, the CBI Micex index shows.

China overtook Germany as a trading partner of Russia's second largest in the first six months of this year, fueled by exports of raw materials producers in Russia and Moscow-based Rusal, OAO GMK Norilsk Nickel and OAO Rosneft. China and Germany accounted for 8.4 percent of total turnover of trade in Russia in the first 10 months of 2010, according to the data.

German stocks climb to two-year high.

German stocks rose, sending the benchmark DAX Index to its highest close in more than two years, amid forecasts that companies will continue to grow profits even if the crisis spreads to Europe of sovereign debt.

Automakers led gains on the DAX, up at least 3 percent. MorphoSys AG gained 10 percent after raising its sales outlook. Symrise AG retreated 3.3 percent, Deutsche Bank downgraded the shares of the fragrance manufacturer.

The DAX rose 42.01, or 0.6 percent, to 7006.17 at the close of 5:30 pm in Frankfurt, its highest level since June 2008. The index has advanced 0.8 percent this week, its fourth consecutive weekly rise, the longest streak of gains since April. HdaX The broader index also rose 0.6 percent today.

"European stocks continue to benefit from low valuation levels and modest economic improvement, as reflected in improving profitability and generating free cash flow," wrote Edmund Shing, strategist at London-based Barclays Capital, in a report on the market outlook presented yesterday in London. "In 2011 already firmly in view, we have established a positive outlook for European equities in the next 12 months, despite the current market obsession about possible risks of contagion from the euro zone."

European shares rise 12 percent until late next year, surpassing the gains of 2010, as rising incomes and historically low interest rates to help businesses overcome the sovereign debt crisis, a survey of 13 strategists sample.

Goldman Sachs Group Inc., the most optimistic forecaster, said that the Europe Stoxx 600 Index will be joined by 20 percent, because the benefits can extend twice as fast as the rate of 14 percent over 26,000 average analyst estimates compiled by us.

VW, BMW, Daimler

The DAX has risen 18 percent this year, corporate profits rose, the Federal Reserve announced a bonus program of 600 billion U.S. dollars to purchase to help the recovery of U.S. economy and rescued the European Union, Greece and Ireland.

Volkswagen AG rose 3.9 percent to 129 euros after Europe's largest carmaker said vehicle sales in November the group rose 16 percent to 617,100 cars, vans and SUVs. Bayerische Motoren Werke AG, the world's largest maker of luxury cars, gained 3.9 percent to € 62.52, while Daimler AG, the second largest and most advanced 3 percent to € 54.87.

MorphoSys, HeidelbergCement

MorphoSys jumped 10 percent to 17.45 euros, the biggest gain in almost two years. The biggest biotech company revenue guidance for 2010 to a range of 91 million euros (120 million) to 94 million euros from a previous range of 89 million euros to 90 million additional sales quoting purchase Sloning Biotechnology GmbH. MorphoSys also has signed a long term partnership with Pfizer Inc. for the U.S. pharmaceutical Sloning to use its technology platform.

HeidelbergCement AG, the world's third largest manufacturer of cement and concrete, slid 1.7 percent to € 45.91, the first retreat this week. The company has been informed by the European Commission is being investigated along with seven other cement producers for suspected antitrust violations, HeidelbergCement said in an emailed statement today. The cement company said it believes it can refute the allegations.

Symrise lost 3.3 percent to € 19.25 after Deutsche Bank cut its rating on the stock to "hold."

Beiersdorf AG fell 5.2 percent to € 43.97, the biggest drop since August. The company plans to invest € 270 000 000 during fiscal year 2012 on skin and body care brands, streamlining and other measures, the company said in a statement. Additional costs in fiscal year 2010 will amount to around 120 million euros, he said.

Interseroh SE increased 20 percent to € 45.19, the biggest increase since April 2003. The recycling company was raised to "hold" from "reduce" in Equinet AG.

Obama directed his staff to analyze options for the U.S. Review Tax system

President Barack Obama has turned to his economic team to begin discussing options for revising the tax code U.S. as part of an effort to cut the deficit in the long term, a government official said.

No decisions have been made on the options to continue or a deadline for the submission of a plan to lawmakers, said the official, who spoke on condition of anonymity because no official decision has been taken. The changes will probably take years to implement.

Obama said this week that modernize the national tax system need to be considered to deal with budget deficits and the tax code more "fair" and "efficient."

"The idea is to simplify the system, is expected to cut rates, base broadening," Obama said in an interview with NPR News. "What I think is, is that we have to start that conversation next year."

The administration focuses on the issue as Congress debates measures to extend tax cuts to expire at the end of the year and the president considers a report of its committee on reducing the federal deficit, which included recommendations for changing the tax laws.

The New York Times reported that the review of options on its website Tuesday night.

The report of the committee of interest in fiscal policy, which has been part of the broader agenda of the president, White House spokeswoman Jen Psaki said.

Priority Management

"The president has long said that reforming the tax system is a priority and the recent tax bipartisan commission made recommendations that are considered part of the budget process," Psaki said in a statement. "But he is not considering specific policy proposals and no decisions have been made about whether it is a priority boost in the near future."

Obama commission proposed $ 1 billion shortfall in tax increases for 2020 by reducing or eliminating hundreds of deductions, exclusions or credits, as homeowners can pay off the interest payments on your mortgage. Also cut rates on individual income and corporate tax.

The panel proposed Social Security benefits are cut, the gas tax increases by 15 cents, discretionary spending fell by $ 1.6 trillion and Medicare compared to $ 400 billion.

Appeal options

The plan, which did not get enough votes in the committee of 18 members to be presented to legislators, which reduced the annual deficit of about $ 400 million in 2015, $ 1.3 billion in fiscal 2010, and begin cutting the debt, according to the report.

Austan Goolsbee, chairman of the Presidential Council of Economic Advisers, said the panel's proposal to broaden the tax base and reduce corporate rates "has great appeal."

Obama has said that the exploration of a review of the tax code should be considered once the economic recovery accelerates. Gross domestic product expanded at a rate of 2.5 percent in the third quarter, half the pace in the last three months of 2009. The national unemployment rate in November was 9.8 percent.

White House press secretary Robert Gibbs told reporters today the government is interested in a look "broad-based in our tax system, and that any reform will take years to complete.

"This will take some time," he said.

Tax debate

At this time, the administration is mounting a campaign to gain support from congressional Democrats for Obama struck an agreement with Republicans to extend the tax cuts passed under the administration of President George W. s Bush in exchange for a 13 - month extension of unemployment benefits in the long-term unemployment, a reduction of one year in payroll taxes and tax benefits for small businesses that were part of his economic package.

Democrats are registering objections to tax cuts for the maintenance of the richest Americans with a tax provision of goods to establish the maximum rate of 35 percent after a grant of 5 million U.S. dollars per person tax free .

House Democrats voted yesterday to block a floor debate of Obama's tax deal with the Republicans. The nonbinding resolution that seeks to force changes in the proposal to extend the Bush tax cuts-was for all income levels.

Obama has defended the commitment imposed as necessary to protect middle class families face a tax increase when the cuts expire at the end of the year.

He said that on 8 December that future changes to the tax code should have a similar approach, which looks after the interests "of the middle class.

"I do not think anyone thinks the current tax law is neither fair nor efficient," he told reporters the next day. "We must ensure not only paper on these issues."

United Nations envoys from 193 countries are trying to end two weeks of climate negotiations today with an agreement

United Nations envoys from 193 countries are trying to end two weeks of climate negotiations today with an agreement that satisfies both the richest and poorest advances and treaty negotiations.

"He is beginning to accumulate," said UK Secretary of State for Energy and Climate Change Chris Huhne today in Cancun, Mexico. "We are in a much better position than they were in Copenhagen, but potentially anything to stop one or more countries to have a tantrum and throwing all his toys out the pram."

After pushing last year for a legally binding agreement to limit emissions collapsed in Copenhagen, the UN reduced its ambitions. Huhne said last night that negotiations lasted until 3:30 am and sent "found a potential way through" difficult issues. Disputes over how to reduce greenhouse gases can kill a deal to protect forests and give as much as $ 100 billion a year in aid to vulnerable countries by 2020.

China, India, Brazil and South Africa are urging industrialized nations to accept new restrictions on fossil fuel emissions after current Kyoto Protocol expires in 2012. Japan, Canada and Russia refused, saying that the extension of the agreement misses the point because the world's two biggest emitters, the U.S. and China, are not included.

A failure in Cancún to achieve that could lead to a loss of confidence in the international effort led by the UN to curb global warming. A dispute over the future of the Kyoto Protocol, the 1997 treaty that establishes the first program in the world of the emission limits, damaged two weeks of talks. Christiana Figueres, the UN diplomat leading the discussions, said the countries were so far away that the solution was not on the agenda of this meeting.

Hard Day "

UN envoys in Cancun is working with a text that is "very progressive" on the issues of transparency and how to measure, report and verify emissions reductions, the EU Commissioner for the Environment, Connie Hedegaard, said today.

"Today will be a difficult day, and one day very, very long," Hedegaard said in an interview in Cancun.

Japanese Environment Minister Ryu Matsumoto yesterday reiterated his country's opposition to a new period of engagement, saying the Kyoto protocol "covers only 27 percent of global CO2 emissions related to energy." Japan "will not be associated with the establishment of the second commitment period," he said.

Keep Hope

As talks between the final scheduled day, some delegates said they remained hopeful an agreement on the forests and aid, and the creation of an advisory body to adapt to climate change.

"We have differences, but can be a bridge," said Minister of Environment of Brazil Izabella Teixeira, who along with the UK was taken by the UN to reach a consensus, in an interview. Claudia Salerno, Venezuela's envoy, who was among the six countries that blocked an agreement last year, said, "We find convergence."

Scientists say that glaciers are melting and sea level as the concentration of greenhouse gases in the atmosphere are increasing at the highest levels recorded. This year may be the hottest in history, the World Meteorological Organization said on 02 December, and noted that the additional warming of the atmosphere is inevitable, regardless of whether the planned measures are taken in Cancun.

Delegates were working on language that would aim to sustain the gains of temperature to 2 degrees Celsius (3.6 degrees Fahrenheit). Current commitments to reduce emissions could bring temperatures rise 2.5 to 5 degrees by the year 2100, the United Nations Environment Programme said 23 November. Small island countries grappling with rising seas are pushing for a limit of 1.5 degrees.

Coming on board

"Most countries are now compatible with 1.5 more than 2 degrees," said Albert Binger, a scientific adviser to the delegation of Grenada, in an interview. "While the world will be more the effects of climate change, including more countries come on board."

Some languages now in the draft text, such as requiring developed nations to begin reducing emissions of the highest peak in 2015, is likely to remain in a final agreement, Jake Schmidt, a climate expert at the New York-based Natural Resources Defense Council, said in Cancun.

"I'm very disappointed, because we are playing around the edges," said Bharrat Jagdeo, President of Guyana, in an interview. "The positions are diluted. The greenhouse gases are pumped into the atmosphere."

Bolivian President Evo Morales, who wants to further reduce emissions from rich countries and an international tribunal to protect the environment, said that "trying to find a middle way is an attempt to lie to people."

Last year, Bolivia joined Venezuela, Sudan, Cuba, Nicaragua and Tuvalu to block the Copenhagen agreement, an agreement negotiated by about 30 leaders, including U.S. Barack Obama President and Prime Minister Wen Jiabao of China, if adopted as the official text of the United Nations.

Cancun Package

The agreements are being negotiated in Cancun are:

A fund to channel as much as $ 100 billion a year in 2020 to help developing countries clean industries and adapt to rising temperatures. How will you manage and who will sit on its board of directors will work next year.

A forest protection program known as Reducing Emissions from Deforestation and Forest Degradation, or REDD. Forestry projects to be funded and may allow developing nations to make money in carbon markets through the allocation of forests to absorb greenhouse gases.

An "adjustment committee" to advise the nation on how to prepare for and adapt to climate change.

How to monitor, report and verify emissions reductions for developed countries and climate protection measures taken by the poorest, or MRV in the jargon of the UN.

Runaway Husband

Mexican authorities hosting the talks, said documents are ready for final review and more important, he said.

"The fact that the conversation kept going day and night, is a very good sign," said Environment Minister Juan Elvira Mexico in an interview today. "Mexico needs to build bridges with all countries, including Bolivia and the rest of the parties."

Milton Nogueira da Silva, an official of climate change in Brazil, compared with the climate talks for marriage. Negotiations are now in the "right to marry" stage, said in an interview. "Everyone is hoping that the boyfriend did not run away like last year in Copenhagen."

Gold futures fell, heading for a weekly loss, as the concern that China could bolster demand for monetary erosion of precious metals. Silver, palladium and platinum also fell.

China, the second-largest gold buyer largest-ordered lenders to park more money with the central bank for the third time in five weeks. Before today, gold climbed 27 percent this year, reaching a record $ 1432.50 an ounce on 07 December.

"Gold is temporarily moving lower in the attempt by China to slow its economy," said Marty McNeill, a trader at RF Lafferty & Co. Inc. in New York. "A lot of hot money has gone to China, so when it starts to break down, gold is going to be sold to other commodities."

Gold futures for February delivery fell $ 16.70, or 1.2 percent, to $ 1,376.10 an ounce at 9:57 am on the Comex in New York. A close at that price would leave the metal to 2.1 percent this week.

gold assets in exchange-traded products fell 2.22 to 2,095.76 tons metric tons yesterday. Holdings reached a record 2,104.65 tonnes on 14 October. India is the biggest buyer of bullion.

won silver holdings to 11.13 tonnes 15,020.19 tonnes, the highest since at least February, data from four suppliers of entertainment.

Silver futures for March delivery fell 50.7 cents, or 1.8 percent, to $ 28.31 an ounce. On 7 December, the price hit $ 30.75, the highest since March 1980.

"Investors who see silver as a safe haven asset is expected to continue buying large quantities during the next couple of years," said CPM Group, a research company in New York yesterday in a report. The metal is supported on the industrial use, and China can represent 20 percent of global manufacturing demand this year, CPM, said.

Palladium futures for March delivery fell $ 5.20, or 0.7 percent, to $ 736.40 an ounce on the New York Mercantile Exchange.

Platinum futures for January delivery fell 5.60 dollars or 0.3 percent, to $ 1673.30 an ounce, heading for the fifth consecutive fall.

Cotton jumped to the highest price in almost a month after the U.S. government cut its forecast for production and inventories. Orange juice fell.

U.S. stocks for the year ending July 31 at a total 1.9 million bales, up 14 percent from last month's forecast of 2.2 million, the Agriculture Department said. U.S. Harvest will be 0.8 percent lower than last month's estimate, the agency said. Before today, cotton increased 80 percent this year, heading for the biggest annual gain since 1973.

"We have a number of upbeat U.S. stocks because they reduce the incredibly low numbers," said Sharon Johnson, analyst at Penson future in Atlanta.

Cotton futures for March delivery rose 1.42 cents, or 1 percent, to $ 1.3737 a pound at 9:53 am on U.S. ICE in New York. Earlier, prices shot up by the exchange limit of 5 cents to $ 1.4095, the highest since Nov. 11.

Yields in the U.S., the world's largest exporter, fell to 814 pounds per acre after hail damages crops in Texas, the USDA said. last month's estimate was 821 pounds. Deposits inventories monitored by the ICE have plunged 73 percent this year.

Before today, futures rose 2.7 percent this week, after rising 18 percent last week. The fiber hit a record $ 1.5195 on November 10 on signs that producers would struggle to meet mounting demand in China, the world's largest consumer.

"Overall demand remains enormous," said Tom Mikulski, a high market strategist at Lind-Waldock in Chicago. "The trend is still upwards."

A bullet weighs 480 pounds, or 218 kilograms.

The orange juice futures for January delivery fell 1.25 cents, or 0.8 percent, to $ 1.612 a pound in New York. A close at that level would still leave prices by 2.8 percent in the week.

Occidental to pay $ 3.2 billion for the U.S. Campos, Argentina Sell Wells

Occidental Petroleum Corp., the U.S. energy company which is the sale of their wells from Argentina to China's biggest refiner, agreed to buy oil and natural gas in Texas and North Dakota for $ 3.2 billion.

Purchases of the Royal Dutch Shell Plc and a seller without a name will add the equivalent of 100,000 barrels of daily oil production over time and contribute to the results immediately after closing in Los Angeles, Occidental said in a statement. The company also confirmed a statement issued China Petrochemical Corp. today that Occidental will sell its oil from Argentina and gas subsidiary of $ 2,450,000,000.

It is the largest acquisition by the West since 2006, when he purchased Vintage Petroleum of 4.46 billion. Excluding the operations announced today, Occidental's chief executive, Ray Irani has spent more than $ 10 billion in acquisitions over the past five years that have helped boost production by more than a third.

"This puts them in a better position to meet its production targets," said Philip Weiss, New York analyst with Argus Research Corp., which has a buy rating on shares of Western and possesses no. "I certainly do not view the owners of those assets that are selling in Argentina."

Western purchases today are fields in southern Texas that Shell agreed to sell for $ 1.8 billion. The "mostly minor" fields currently produce 200 million cubic feet of gas per day, based in The Hague, Shell said in a statement. The agreement is part of Shell's previously announced plans to sell $ 7 billion to $ 8 billion in assets around the world this year and next.

Leaving Argentina

The acquisition of North Dakota, valued at $ 1.4 billion, includes 180 000 hectares owned by a private seller not identified, said West. Assets producing approximately 5,500 barrels of oil equivalent per day.

West is out of Argentina by selling its assets to China Petrochemical amid controls on gas prices that make it more difficult for producers to profit in the second largest economy in Latin America, said Weiss.

It is the first investment in Argentina's oil and gas industry for China refinery, known as Sinopec Group. The fields produced over 51,000 barrels of oil equivalent per day last year and held 393 million barrels of proved plus probable reserves as of end 2009, according to Sinopec Group.

Doubling stocks

More than doubled Irani of Occidental oil reserves and crude oil quadrupled, and production of gas since he succeeded Armand Hammer as chief executive in February 1990. The company's focus has been on improving the production of abandoned oil fields in places like California and Texas.

Irani, 75, is expected to resign as CEO in May and be succeeded by Stephen I. Chazen, the company's current president and chief operating officer.

Western also plans to increase its participation in the general partner of pipeline operator Plains All American Pipeline LP to 35 percent. Is adding to their holdings as Vulcan Capital, the investment group of Microsoft Corp. co-founder Paul Allen, is selling its stake in the general partner.

Plains All American, based in Houston, agreed on 15 November to buy the pipes that collect and send crude from Bakken zone for $ 210 million.

Bakken Formation, located in North Dakota and Montana, has an estimated 4.3 billion barrels of technically recoverable oil, according to a 2008 report by the U.S. Geological Survey.

Power Plant

West also said today it will pay an undisclosed amount to buy the other half of the Elk Hills power plant for Sempra Energy. The company already owns half of the gas power plant, located in the middle of a Western oil and gas field near Bakersfield, California.

All operations are expected to close in late March, Occidental said.

Occidental's board agreed to promote the company's dividend by 21 percent to 46 cents per quarter from 38 cents, from 15 April payment.

Occidental rose $ 1.37, or 1.5 percent, to $ 92.44 at 10:21 am in composite trading on the New York Stock Exchange.

The shares have risen 14 percent this year, surpassing the earnings of Exxon Mobil Corp. and Chevron Corp., the largest U.S. companies energy.

CEO Jeffrey Immelt, can show their confidence in the outlook for General Electric Co. 's growth next week to outline the investment plans and the second dividend increase in six months.

GE, which accumulated cash of approximately $ 78,000,000,000 at September 30, released its earnings for the second consecutive win in the last quarter and showed a simultaneous increase in orders for service and equipment for the first time in two years. finance unit, GE Capital, expected annual earnings of $ 3 billion this week.

The "comfort factor with investors has increased significantly" from GE Capital, said Jeffrey Sprague, founder of Vertical Research Partners Inc., which expects an increase in the quarterly dividend of 2 cents a share this month. "For people moving to the next level to be strong growth in industrial profits."

A pulse of current payment of 12 cents mark a return to the pattern of GE's announcement of the annual increases in the fourth quarter, the company made from 1983 to 2007. In February 2009, GE cut its quarterly dividend to 10 cents from 31 cents, about 68 percent, while the global financial crisis deepens. The Board raised the dividend by 20 percent in July and resumed share repurchases.

1992 dividend increases

GE projected to have $ 20 billion in discretionary cash at year end after the sale of assets. Immelt may indicate how some of that money will be spent when he talks about the prospects of next year at an annual meeting with investors on 14 December.

Robert Cornell of Barclays Plc. and Terry Darling of Goldman, Sachs & Co. are also among analysts expecting a dividend increase, with estimates of 8 percent to 30 percent, according to the notes to investors this month. Cornell recommend buying GE Darling, while Sprague rates "hold."

A dividend increase of 8 percent annual pay increase GE's 52 cents from 48 cents, while a 30 percent increase would mean an annual dividend of about 62 cents. The last time GE has increased its dividend twice in one year was in 1992.

A projection based on research and analysis indicates GE probably will not increase the dividend this month, increasing to 14 cents in September instead.

A GE spokeswoman, Anne Eisele, declined to comment on potential ads at the meeting.

Five-year streak

The Fairfield, Connecticut-based company no longer provides a forecast per share, instead of giving investors a framework for the calculation of your account.

GE can earn $ 1.12 per share in 2010 and $ 1.27 per share in 2011, the average estimate of analysts surveyed by us.

In addition to the dividend increase possible, GE can devote some of their cash reserves "bolt-on" acquisitions that fit with existing businesses, Dresser Inc., GE Energy unit agreed to buy for about $ 3 billion in October.

"There are good opportunities out there for acquisitions, Immelt told investors on a conference call in October. "If we see good opportunities, we will increase the dividend and buy back more."

Immelt, 54, is about to break a streak of five years in which GE shares have pulled 500 of Standard & Poor's.

GE rose 13 percent this year through yesterday, while the S & P 500 gained 11 percent. The shares rose 12 cents to $ 17.25 at 10:28 am today in the market for New York Stock Exchange.

New Products

Immelt has staked GE's industrial growth in the development and manufacture of products promising technology of gearless wind turbines for testing cancer treatment. The company will invest U.S. $ 20 billion in technology development in the two years until 2012 and said in May that would increase research spending by 18 percent this year.

team orders rose 9 percent in the third quarter while the portfolio stood at 172 billion U.S. dollars as Immelt declined the finance unit of the company and focused on the expansion of core industrial divisions. The company is the world's largest maker of power turbines, aircraft engines, medical imaging equipment and locomotives. Other units include appliances, lighting and factory automation software.

In 2012, Immelt plans to reduce GE Capital's assets to $ 440 billion to end the net investment, a measure used by analysts to measure the size of the financial division, about 489 billion U.S. dollars in the third quarter.

"Prudent" Plan

The finance unit still plans to resume payment of dividends internally to the parent company of the year to its traditional rate of 45 percent of profit, Michael Neal, executive director of the unit, said this week at a media presentation for investors Internet. This dividend was suspended amid the financial crisis.

Neal, who called the plan "prudent" in the midst of changing U.S. regulations and global levels, did not rule out a dividend payment at one time to the parent company in the meantime.

Neal projected revenue growth of unit further next year and in 2012. Last year, profit fell 80 percent to $ 1.7 billion.

GE consider opening talks on early repurchase of $ 3 billion in preferred stock acquired by Berkshire Hathaway Inc. Warren Buffett during the crisis, Buffett agrees, after selling the majority stake in NBC GE Universal closes, CFO Keith Sherin said in October. Saving the company an annual payment of 10 per cent special dividend, or about $ 300 million.

Ratings

GE cut its pay shareholders $ 1.24 a year in February 2009, saying the move would save about $ 9 billion a year, the global recession and credit benefit unit draining finances.

In March of that year, Standard & Poor's cut the company's credit rating to AA + from AAA, the highest available. Moody's Investors Service followed the same month a reduction of Aa2 to Aaa, its highest level.

"They have to do something for its shareholders and is sure to make every effort to maintain its AA-plus rating," said Joel Levington, who follows GE as part of its monitoring work in corporate credit in Brookfield Investment Management New York.

A dividend increase would "find a solution for everyone," he said.

Germany and France, said the euro zone behind to make their economies more competitive to help overcome the debt crisis, pledging to do everything necessary to defend the currency in a European Union summit next week .

the survival of the euro is "not negotiable", that require monitoring of the budget and closer economic cooperation to overcome the "structural weaknesses" in the euro region, Chancellor Angela Merkel and President Nicolas Sarkozy said today. Joint bond was discarded and rejected any increase in the size of the 440 million euros (583 billion) rescue fund established in May.

"If the euro, Europe," Merkel told reporters in the southwestern German city of Freiburg, calling for more economic "coherence" in the euro region. "We must find a way to bridge the gap of competitiveness," he said. "It's not a job for next Friday" at the summit of the EU, but for the future. "

The leaders of the two largest economies of Europe held a joint cabinet meeting, as they sought to form a common position before the December summit 16-17 that aims to stop the spread of the debt crisis. It is divided between EU governments on the way forward have already emerged, with Italy, Belgium and Luxembourg for euro area bonds and Germany opposed.

"Common ties that make governments less accountable, when we want to do otherwise," said Sarkozy. Both leaders also rejected any increase in the rescue fund created to contain the spread of Greece.

Noting that Germany and France are the two biggest contributors to the fund, Sarkozy said that "no one can accuse the two partners of selfishness."

Euro Drops

"We will do whatever necessary to defend the euro," he said.

The euro traded at 1.3212, up 0.0027 cents, at 3:37 pm in Berlin. The single currency has fallen 7.8 percent this year.

10-year bonds in Spain fell for the fifth consecutive day, while bond yields similar to Portuguese due rose 14 basis points to 4.63 percent. Irish yields added 12 basis points to 8.3 percent and the yield on the 10-year Belgian rose four basis points to 4 percent.

Merkel tried to focus on differences in competitiveness within the euro area. An index of export orders to German manufacturers rose in November, while similar indicators for Spain and Greece refused, according to figures from the EU Commission. The unemployment rate in the euro area rose to 10.1 percent in October, the highest since July 1998, German unemployment fell to a 18 - November iin year low.

"The problem is not just the deficit but there are structural weaknesses in our economies, so they have to be treated," said Merkel. Germany and France are "determined to put on the table," he said.

Both leaders said the election of a successor to Jean-Claude Trichet as president of the European Central Bank has not yet become a problem between them.

"We are not talking about the succession of the ECB because the issue is still not present," said Sarkozy.

Commodities such as copper, gold, crude oil, corn and soybeans next year will extend gains in emerging markets boost aggregate demand, as supplies tighten, Morgan Stanley, said.

World gross domestic product will increase by 4.2 percent in 2011 to almost 5 percent this year, with more than 70 percent of the growth coming from emerging markets, the bank said in a report. It said at that favors natural gas, live cattle and feeder cattle and zinc.

Copper rose to a record yesterday on the London Metal Exchange as head of the stock of inventories for the first annual contraction since 2004. Gold hit a record high this week as investors sought an alternative to currencies. The S & P GSCI index of 24 commodities rose this week to the highest level in over two years.

"Growing demand, along with a tightening of supply, provides nourishment for our spirit constructive widely throughout the commodity space," said Morgan Stanley analyst Hussein Allidina in the report. "The decline in inventories not only raise spot prices, but also improve the performance of roll", as falling stocks prices move in backwardation call when the commodity trade over the nearby contracts more Long term, he said.

Copper, Gold

Copper for delivery in three months traded at $ 9,051 a tonne at 12 pm on the LME. The metal will average $ 7,900 a tonne next year, Morgan Stanley estimates, compared with an average so far this year of about $ 7,465. Gold for immediate delivery touched $ 1,431.25 an ounce on 07 December. It will average $ 1,315 an ounce in 2011, the bank said. Crude oil averaged $ 100 a barrel, corn will average $ 5.75 a bushel and soybeans will average $ 12.50 a bushel, estimates of the bank.

"The prices of corn and soybeans both need to rise to ration demand," said Allidina. "Demand is running too hot because tight inventories and limited area. Gold will benefit from continued investment demand, the result of continued expansion of money supply and persistent global sovereign risk."

Responsible for Federal Reserve policymakers meet next week to discuss a potential plan to expand the Treasury purchases beyond the $ 600 billion already announced. Fitch Ratings said yesterday that the European Central Bank purchases of bonds may be necessary to increase and the enlarged European rescue fund to curb the spread of sovereign debt crisis.

Rising commodity prices can be "volatile," said Allidina. "Persistent sovereign risk, fear of policy mistakes made in emerging markets, and bouts of U.S. dollar strength will present all the headwinds."

The natural gas will be pressured by an "environment of oversupply, while zinc will be slower to return to the shortage of other metals, the bank said.

At least 19 countries will be absent from today's ceremony awarding the Nobel Peace

At least 19 countries will be absent from today's ceremony awarding the Nobel Peace Chinese dissident Liu Xiaobo following his government's campaign to present the award as a Western effort to undermine his authority.

Those absent included the countries with elected governments such as Cuba and Saudi Arabia, China and Vietnam, Kazakhstan neighbors and U.S. allies Colombia and Egypt. His decision to skip the ceremony in Oslo, is presented as a spokesman of the Ministry of Foreign Affairs of China, Jiang Yu, mocked the award as a "sham" given by "clowns" in comments to reporters in Beijing on 7 December.

"Mr. Liu Xiaobo is much more deserving of this award than me," President Barack Obama said in a statement emailed to reporters. "I regret that Mr. Liu and his wife were denied the opportunity to attend the ceremony that Michelle and I attended last year."

"We respect the extraordinary achievement of China in lifting millions out of poverty, and we believe that human rights are the dignity that comes with freedom from want," said Obama. "But Mr. Liu reminds us that human dignity is also dependent on the progress of democracy, open society and the rule of law."

No show

The list does not appear, double the number from two years ago, reflects the growing global influence of China as an economic power expands, said Iver B. Neumann, Director of Research at the headquarters in Oslo, Norwegian Institute of International Affairs.

"China is the emerging power of the century," Neumann said in an interview on 8 December. "This seems to be one of the central dramas of world politics today. The argument will not fly again."

At the same time, the award has focused attention on China's treatment of political dissidents that the country expands its economic dominance. The Chinese authorities do not allow Liu to attend the ceremony and placed his wife under house arrest after three days, the prize was announced. The Committee of 08 October, said he deserved the prize "for his long struggle and nonviolent fundamental human rights in China."

China overtook Japan this year to become the second largest economy, and grow by 10 percent in 2010 and 2011, the Organization for Economic Cooperation and Development said in a report of 18 November.

Interruption

People's Daily, which reflects the views of the ruling Communist Party of China, said in a comment of 05 November that the award of the prize to Liu was a deliberate attempt to undermine the government of China.

"It is clear that the West does not want a strong China," the paper said. The award "explicitly reveals the attempts by Western countries to back the anti-socialist forces and use them to disrupt the development of China."

The newspaper stayed at the attack today, saying in a comment that the Committee for the Nobel Peace Prize is facing an "unprecedented shame." TV channels and websites of CNN and the BBC intermittently collapsed in China before today's ceremony.

The prize is not directed against China, the Nobel committee chairman, Thorbjoern Jagland, said in a press conference yesterday. "It's an award to honor those people in China - and Liu Xiaobo is one of the most prominent -. That is clearly understood that economic development in China should be combined with political reforms"

Empty chair

The empty chair in the award ceremony this year underscores the importance of the choice of the committee, according to Geir Lundestad, director of the Nobel Institute, which organizes the event. He says that countries are increasingly reluctant to distance themselves from the policies of China because of its political and economic influence.

"China is increasingly important in international politics, and fewer and fewer are willing to criticize parts of the country's policies that deserve criticism," said Lundestad Dec. 8 in an opinion article in the newspaper Headquartered in Oslo Aftenposten.

That may be to strengthen China's determination to establish its own agenda and do not tolerate international interference, according to Bates Gill, director of the Stockholm International Peace Research Institute.

"The political environment in China today seems to require today and allow this type of offense very, very strong reaction to the perceived interests of China," Gill said in an interview. "It is extremely unfortunate that the Chinese government has reacted so strongly as it did. I feel it is an overreaction."

Liu Custody

Liu was arrested in December 2008 for his role in the organization Charter 08, an open letter signed by more than 300 Chinese scholars and activists demand lawyers for direct elections and freedom of assembly. He was sentenced to 11 years in prison at Christmas last year.

Obama on Oct. 8 called on China to release Liu and said the peace prize selection reminds us that political reform has not kept pace "with the economic developments in China.

China, Russia, Kazakhstan, Colombia, Tunisia, Saudi Arabia, Pakistan, Iraq, Iran, Vietnam, Afghanistan, Venezuela, Argentina, Algeria, Egypt, Sudan, Cuba and Morocco will not attend the ceremony, the Nobel committee said yesterday. The Philippines also will be out, because the ambassador has "previously held the consulate in Denmark," said Ed Malaya, a spokesman for the Philippine Department of Foreign Affairs today. Forty-five countries expected to attend.

In 2008, when former Finnish president Martti Ahtisaari received the award, 10 embassies were not represented.

The absence of Liu

Liu's absence will be marked in the Oslo City Hall with an empty chair on the podium and Norwegian actress Liv Ullmann to read his writings, according to the agenda of the ceremony. A torchlight procession at night through the streets of the Norwegian capital will end at the Grand Hotel, where the winner traditionally greets the crowd from the balcony of the creation of 136 years. This year, Liu's image projected on the facade of the hotel.

There are two events scheduled today in Oslo, one in support of the award and a protest against the award, according to the Oslo police and the news agency NTB. Amnesty International in Norway yesterday delivered 100,000 signatures to the embassy of China calling for Liu's release from prison.

U.S. not try to influence countries that have decided not to attend, State Department spokesman, Philip J. Crowley, said on 8 December. While allies such as Afghanistan will not be present, Crowley said there was broad support for the election of the committee.

"We will be there Friday to see this recognition, and we know that we will not be alone," he said.

Wrong

Foreign Ministry spokeswoman, Jiang said that any effort to force China to change its treatment of political prisoners is wrong.

"Some people think they can use the practices of the Cold War to put pressure on China and therefore the change of China," Jiang said. "I think it is too naive."

A group based in Beijing this week announced the Peace Prize Confucius as an alternative to the Norwegian Nobel and awarded to former Taiwanese Vice President Lien Chan. A spokesman for Lien said he had not been notified and did not attend the ceremony yesterday in Beijing. A girl of six years old, accepted the award on behalf of Lien, the South China Morning Post said today.

Test of loyalties

China is using the boycott, in part, to test the loyalty of his allies, "said Elizabeth Economy, director of Asia Studies at the Council on Foreign Relations in New York. Domestic politics plays a role, he said.

"If you do this to be an argument against China by the West, is something people understand," he said.

Liu absence tomorrow will mark the fifth time in 109 years of history of the award a prize winner for peace could not attend for political reasons, according to Lundestad.

The other four were German pacifist Carl von Ossietzky in 1935, the Soviet dissident nuclear physicist Andrei Sakharov in 1975, Polish Solidarity Lech Walesa, founder in 1983 and Burmese opposition leader Aung San Suu Kyi in 1991. With the exception of Ossietzky, the winners were represented by family members at the awards ceremony.

Areva SA, the largest supplier of nuclear reactors, increased € 900 million ($ 1.2 million) in a stock sale, bringing in a sovereign wealth fund, Kuwait, alongside the French state to help finance investments.

Kuwait Investment Authority is offering to buy 600 million new shares, giving 4.8 percent of the company based in Paris, the French Finance Ministry said today in a statement. The state, which owns 91 percent of Areva, will buy another 300 million euros of new shares.

France has been in talks for a year to sell up to 15 percent of the company in Kuwait, Japan's Mitsubishi Heavy Industries Ltd. and Qatar's sovereign wealth fund. Areva CEO Anne Lauvergeon had aimed to raise 3 billion euros in the capital to help finance spending on equipment, plants and uranium mines to fend off competition and sell more reactors and fuel in Europe, China and India .

"When the time comes, the state and Areva will consider new funding measures to complement this first capital increase, if necessary," the ministry said. Areva is still in talks to sell its stake in STMicroelectronics NV to a French government agency said.

The ministry did not say if talks with Qatar and Mitsubishi continues. Industry Minister Eric Besson, said last week that France and Qatar there was agreement on a valuation of Areva. Patrick Kron, chairman of France, the power equipment maker Alstom SA, last month objected to its rival Mitsubishi taking a stake in Areva.

Sliding objective

Achieving the original goal of a 15 percent equity in late 2010, now seems unlikely, Eric Sharper, industry analyst at Credit Agricole in Paris, said in a note.

"We do not consider this to be a major problem at the moment, given expected capital raising in 2011 and the possibility of the participation of more selling," he said curtly.

French state-controlled power utility, Electricite de France SA owns 2.4 percent of Areva. Fed may increase its stake in the maker of reactors, the government said in July. Areva mining unit can form partnerships, he said.

Lauvergeon, whose term as director general expires in June, is trying to keep EDF, Areva's largest customer, to increase the holding to a point in winning a board representation. A seat for the EDF can deter competitors from the power company to do business with Areva, Lauvergeon said last month.

Seed from EDF

Both companies blamed each other for the loss of a contract to build four nuclear plants in the United Arab Emirates to a group of Korea last year, and have discussed the nuclear fuel enrichment and recycling orders in recent months , forcing the government to step in.

About 4 percent of Areva's operations in the Paris stock exchange and investment certificates without voting rights. Operations are suspended. They have risen 0.7 percent this year, giving the company a market value of 12.5 million euros.

The French government aims to list shares in Areva to the end of the first half of 2011.

Areva, whose finances have been affected by the extra costs of building a reactor in Finland, has already raised € 5,200,000,000 in 2009 and 2010 for the sale of its network power, and interests in Safran SA, GDF Suez SA, Total SA and interests of other minorities. It also has sold bonds € 3750000000 since September 2009.

S & P cut

Areva rating Standard & Poor's downgraded the debt on 28 June two steps to BBB + investment grade third lowest, saying the manufacturer's finances were strained by delays and cost overruns on nuclear plant construction in Finland. The company has taken € 2600000000 of tariffs in the contract of 3 million euros since 2005.

Areva debt includes € 2 million is earmarked for the purchase of the participation of Siemens AG's 34 percent joint venture in January 2012 reactor. Headquartered in Munich, Siemens uses an option to exit the business last year after agreeing to an alliance with rival Russian Rosatom Corp.

"Areva is consuming a large amount of cash flow," said Pierre Boucheny, a Paris-based analyst with Kepler Capital Markets, in a telephone interview. "We must avoid further slippage in Finland." Evaluation of the French company is also retained by litigation against both Siemens upon completion of your business and customer Teollisuuden Voima Oy Finnish overruns on the project is also a weight, Boucheny said.

Stocks Fall for First Day in Four on Milan Borsa

Italia referencia FTSE MIB índice cambiado poco, perdiendo menos del 0,1 por ciento, a 20,517.46 a las 1:04 horas, en Milán. El medidor es un 2 por ciento esta semana.

Las acciones siguientes se encuentran entre los más activos en el mercado italiano de la actualidad.

A2A SpA (A2A IM) aumentó por quinto día consecutivo, ganando un 2,4 por ciento a 1,07 euros. Equita Sim SpA quita más grande de servicios públicos municipales de Italia de su "cartera de al menos preferido."

Bulgari SpA (BUL IM) subió un 3,1 por ciento a 7.89 euros, poniendo fin a una pérdida de dos días. Las acciones de beneficio del mundo joyero tercera más grande de "especulación renovada con respecto a un posible uso de dinero en efectivo por PPR SA, después que la compañía francesa acordó vender su cadena de Conforama", dijo Gian Paolo Rivano, un administrador de fondos de Gesti-Re SGR SpA en Milán .

Banca Popolare di Milano Scrl (PMI primario) cayó un 1,9 por ciento a 2,87 euros, como un indicador para los bancos europeos pusieron fin a una ganancia de tres días, la racha más larga desde julio. Banco Popolare SC (PA MI) 0,8 por ciento a 3,54 euros. Intesa Sanpaolo SpA (ISP IM) y UniCredit SpA (UCG IM), los mayores bancos de Italia, cayó un 0,8 por ciento a 2,19 euros y por ciento de 1 a 1,71 euros, respectivamente.

DiaSorin SpA (DIA MI) aumentó un 1,4 por ciento a 32,3 euros. CA Cheuvreux actualizado el proveedor de las pruebas de diagnóstico de "lista de seleccionados" desde "desempeño superior" y agregó que la población mejores opciones de su industria de la salud Europea.

Lottomatica SpA (LTO IM) se incrementó un 2,2 por ciento a 9,6 euros. Intermonte Sim SpA reiteró un "desempeño superior" sobre la empresa de lotería, mientras que recortar su estimación de precio a 13 euros desde 15 euros, diciendo en una nota que "el anuncio de la refinanciación de la deuda está afectando el desempeño de la acción."

La correduría dijo que "el mercado actual de los factores-en un escenario excesivamente negativo".

Prysmian SpA (PRY IM), el mayor fabricante mundial de cable de la segunda mayor, ganó un 2,5 por ciento a 12,9 euros. El cobre subió en Londres a la especulación de que la demanda se mantiene intacta en China, el mayor consumidor del mundo, después de las importaciones del metal en el país obtuvo por primera vez en tres meses.

RCS MediaGroup SpA (RCS IM) avanzó un 3,9 por ciento a 1,06 euros, con un aumento de tercero de la población. Valores Mediobanca reiteró un "desempeño superior" sobre el editor del diario más grande de Italia y elevó su estimación del precio en un 3 por ciento a 1,52 euros, como "el plan de negocios de tres años," por el 17 de diciembre ", junto con noticias relacionadas con el reorganización de los activos de la cartera debe ofrecer al alza para la acción. "

Oil rose for a second day in New York

Oil rose for a second day in New York on signs that demand from China will support measures to slow the economy and U.S. consumption is recovering.

Further reduced its weekly decline after China said that imports of crude rose in November and the International Energy Agency raised its forecast for 2011 oil demand for the third month. A report by the U.S. government yesterday showed jobless claims fell more than expected. China's central bank said it would raise the amount of the nation's lenders must keep as reserves of 20 December.

"The current prices have a lot to do with the strong demand out of China, as well as cold weather in the U.S. and Europe," said Thorbjoern Bak Jensen, an analyst with Global Risk Management in Middelfart, Denmark. "However, both inventories and OPEC capacity are still high, so expect prices back below $ 88, maybe even $ 86.30."

The January contract gained as much as 61 cents to $ 88.98 a barrel in electronic trading on the New York Mercantile Exchange and was at 88.71 U.S. dollars at noon, London time. Brent crude oil for January settlement rose to 57 cents, or 0.6 percent, to $ 91.56 a barrel on the ICE Futures Europe exchange in London.

Crude trims gains after China's central bank said it would raise the amount of the nation's lenders must keep as reserves by 50 basis points. China imported 20.9 million metric tons last month, or about 5.1 million bpd in October compared to 16.4 million, according to preliminary data today from the General Administration of Customs in Beijing.

Oil in New York rose to $ 90.76 a barrel on 7 December, the highest since October 2008. Future, up 0.5 percent this week, have gained 12 percent this year.

Fill tanks

Refineries in China, the world's second largest user of oil, have increased fuel production to meet a shortfall in the supply of diesel. diesel inventories fell for seven consecutive months of October and are now at about 6.2 million compared to $ 11.5 million in February, according to the Xinhua News Agency.

"It appears that refiners are beginning to fill the storage tanks after the stock levels have been reduced," said Serena Lim, a commodity strategist at Australia and New Zealand Banking Group Ltd. in Singapore. "The market is cautious today with the inflation numbers in China and OPEC still has yet to fulfill."

The International Energy Agency raised its forecast for 2011 global crude oil demand for the third month, citing increases in consumption in North America and China.

Global oil use will average 88.8 million bpd next year, about 260,000 barrels more than its previous forecast, the Paris-based adviser, said today in its monthly report on the oil market. increased demand could put pressure on OPEC to increase supply early next year, the IEA said.

OPEC Action

Prices up to $ 100 may indicate "something wrong with the fundamentals" of the market and system of the Organization of Petroleum Exporting Countries to act, "said Abdalla El-Badri, secretary general group.

Oil prices are at "appropriate levels," said El-Badri yesterday in Quito, Ecuador, where the organization will meet Dec. 11 to review output. Demand is growing rapidly in China and India and moderate members of the Organization for Economic Cooperation and Development said.

Oil may reduce next week amid speculation that China will raise interest rates, a survey showed. Eighteen of 39 analysts, or 46 percent, crude fall forecast by 17 December. Last week, analysts were divided on the direction of the market.

The euro fell against 12 of its 16 most-traded counterparts officials disagreed on how to end the crisis of sovereign debt before next week's summit of EU leaders.

The single currency posted its biggest decline against the Norwegian krone and the New Zealand dollar. The Australian dollar headed for a weekly decline of speculation that China will tighten monetary policy. France yesterday backed Germany to refuse to add to 440 EU million euros (581 billion U.S. dollars) bailout fund and bonds decline sets in the euro zone.

The opposition "will probably scupper the idea of e-bond and probably would be taken very negatively by the markets, so we could see the euro under pressure again," said Ian Stannard, currency strategist at BNP Paribas SA London.

The euro was created by a fall of 1.3 percent against the dollar this week. Was changed to $ 1.3239 at 7:04 am in New York. Touched $ 1.3165 yesterday, the lowest since 02 December. The common currency was 0.6 percent weaker against the crown 7.9460 and fell 0.3 percent to 110.56 yen.

German Chancellor Angela Merkel and French President Nicolas Sarkozy, are holding talks in Germany today. With the euro zone's two largest economies in excavation over new measures to stem the debt crisis in Europe, the EU leaders met next week may be difficult to give financial markets a breather.

European Central Bank Vice President Vitor Constancio late yesterday marked the European governments should be prepared to increase the size and flexibility of its rescue fund like the ECB urges leaders to do more to fight the fiscal crisis.

"More flexibility '

Asked whether the fund could be used to purchase government bonds, Constancio said in an interview on Television that "more flexibility in the euro zone resources would be helpful."

government bonds fell Spanish and Italian, increased demand for extra yield investors to maintain the reference values instead of German bonds, amid concern about the costs of government borrowing and debt increase in sales next week.

The euro may fall as low as 108 yen should break below key support level against the Japanese currency, Societe Generale SA, said, citing technical indicators in a research note today. A support level is an area in a chart technical analysts foresee a currency purchase orders and related instruments. The stronger the support, the sale will need more than a drop below that level.

The Australian dollar is set for a weekly decline of inflation concerns China tomorrow will copy the data in the case of the Asian nation to tighten monetary policy. Australia's currency was at 98.85 U.S. cents from 98.37 cents, set for a fall of 0.4 percent this week.

China Price

Consumer prices in China rose 4.7 percent in November from the previous year, a report tomorrow will show statistics, according to the median forecast in a survey of economists. That would be the fastest pace since August 2008. The Economic Information Daily, said the figure may be 5.1 percent.

"The danger is China raises interest rates sharply, causing a hard landing of China's economy, which obviously would harm Australia's exports," said Derek Mumford, a Sydney-based director in Richford Capital, one of the exchange rate and strong rates of risk management. "This is holding back the Australian dollar."

The "window" to China's central bank to raise borrowing costs could be this weekend, according to a report in China Securities Journal this week.

The International Energy Agency may be overestimating the prospects of next year

The International Energy Agency may be overestimating the prospects of next year for the supply of crude oil produced by the exclusion of the Organization of Petroleum Exporting Countries, according to Nomura International Ltd.

The Paris-based energy consultant last month it expected crude supplies from non-OPEC countries will increase by about 800,000 barrels in 2011, while the group's production of natural gas liquids, which are not part of their production oil will increase by about 700,000 barrels a day.

"The IEA estimates are on the aggressive side," said Nomura analyst Michael Lo and Cheng Khoo in the note sent by email today. "OPEC NGL might come in lower than expected given the current weakness in natural gas market."

Qatar, UAE, Saudi Arabia, Iran and Algeria can not contribute to increase production as much as the IEA forecasts, because an oversupply in the market for natural gas may delay projects that extract liquid fuels, while methane production, Nomura said.

"The production of acceleration could be slower than expected because the gas is not fully contracted, which will result in lower production of liquid natural gas, analysts said.

exit rates decline in the former Soviet Union can accelerate to 4.6 percent next year from the average of 2.2 percent from 2002 to 2009, due to lack of incentives to increase exploration, Nomura said, citing Wood Mackenzie Consultants Ltd.

U.S. -stock futures gained

U.S. -stock futures gained, indicating that 500 of Standard & Poor's can be extended by a maximum of two years, a report may show consumer confidence in the world's largest economy rose this month.

Beckman Coulter Inc. rose 16 percent in German trading as people with direct knowledge of the matter said the company is considering a sale after being approached by private equity firms. Capstar Mortgage Corp. rose after announcing a quarterly dividend higher. Procter & Gamble Co. won as Goldman Sachs Group Inc. recommended buying the stock. National Semiconductor Corp. plunged 7.1 percent after forecasting third-quarter sales that fell below analysts' estimates.

Futures on the S & P 500 will end in March 2011 rose 0.2 percent to 1230.80 at 11:53 in London. The benchmark for U.S. stocks is headed for its second consecutive weekly advance after President Barack Obama announced agreement on a two-year extension of tax cuts, increasing optimism about the Federal Reserve's plan to inject money into the economy. Future Dow Jones Industrial average increased 0.1 percent, to 11,313 today, while the Nasdaq-100 Index futures advanced 0.2 percent for 2203.

"The underlying tone remains positive while the market is evaluating the impact of the new fiscal action in the U.S.," said Nicola Trivelli, who helps manage about 3 million euros (4 billion) as chief Sella investments Gestioni Sgr in Milan. "Some concerns about the periphery of the euro area are still out there."

Paying off debt

European stock markets fluctuated today as benchmarks in the weaker economies in the region declined, led by the IBEX 35, Spain, amid continuing concern for countries like Portugal and Greece can not pay their debts.

The S & P 500 gained 0.4 percent yesterday, taking the measure to a maximum of two years for a second day as Pacific Investment Management Co., the largest bond fund manager, raised its forecast for economic growth and jobless claims declined.

The Thomson Reuters / University of Michigan preliminary sentiment index probably rose to 72.5 households this month, the highest level since June, according to a survey of economists. The average indicator 89 in the five years preceding the recession that began in December 2007. The report is due at 9:55 am New York time.

Exports, Imports

The U.S. trade deficit was probably little changed in October, the export earnings, reflecting the weak dollar and growing economies abroad, kept pace with increased imports, analysts said before a separate report today . The projection of 43.8 billion U.S. dollars would divide a deficit of $ 44 billion in September, according to the median estimate of 78 economists surveyed. The Commerce Department figures should trade at 8:30 am in Washington.

Also at 8:30 in the morning, a Labor Department report may show the import price index rose 0.8 percent last month due to higher costs for crude oil and metals.

Futures advanced, even after China ordered lenders to park more money with the central bank for the third time in five weeks to counter the threat of inflation after November loans and trade surplus exceeded analysts' estimates . Reserve requirements will increase by 50 basis points from December 20, the People's Bank of China said on its website today.

Political leaders failed to add the October increase interest rates, a strategy that may prolong the campaign to control inflation which reached a maximum of two years this month.

Going Private

Beckman Coulter jumped 16 percent to $ 66.29 in Germany. The manufacturer of laboratory equipment for scientific research, which has a market value of about $ 4 billion, has hired Goldman Sachs Group Inc. to explore the possibility of going to the private sector or seek a strategic buyer, said people familiar with the matter, who declined to be identified because the talks are private.

Blackstone Group LP and Apollo Global Management LLC are among the companies that came to Beckman, two people said. The process is in its early stages, and any offer for the company's Brea, California, is likely to be months away, the people said.

Capstar mortgage rose 1.6 percent to $ 12.12 in real estate investment trust that owns most adjustable rate mortgage securities declared a fourth quarter dividend of 39 cents per share, compared to 26 cents action in the previous period.

Procter & Gamble advanced 1 percent to $ 63.49 at Goldman Sachs upgraded the world's biggest consumer products to "buy" from "neutral." Said the brokerage in a note that Procter & Gamble is a "history of change of 2011 and analysts' underestimate the new sales in the market. "

Pall Corp. rose as much as 5.1 percent to $ 50.46 in late U.S. trading yesterday. The supplier of filters for drug manufacturers and refineries increased their profit forecast, saying it expects earnings excluding some items up to $ 2.63 per share in fiscal 2011. The shares do not trade in Europe.

Less than advertised

National Semiconductor fell 6.9 percent to $ 13.94 in the analog chip maker forecast third-quarter sales were lower than analysts predicted. Revenue in the quarter will be 344 million U.S. dollars to $ 359 million, compared with an average forecast of 382.3 million U.S. dollars.

United Technologies Corp. retreated 2.1 percent to $ 76.02. The aircraft engine manufacturer Pratt & Whitney and Air conditioning company provides 2,011 net income and sales that trailed some analysts' estimates.

Aastrom Biosciences Inc. plunged 18 percent to $ 2.53 after the company, which develops cell therapy systems, said it will sell an unspecified number of shares and warrants in a public offering.

Green Mountain Coffee Roasters Inc. fell 17 percent to $ 30.96 Seller of Keurig single-cup brewers forecast first-quarter profit excluding some items of 14 cents to 18 cents per share, below analysts' average estimate of 20 cents per share.

F5 Networks Inc. rose 5.3 percent, to $ 146.25 as it will be added to the S & P 500. Cablevision Systems Corp., Netflix Inc. and Newfield Exploration Co. may be active, since they were selected to join as well. It will take the place of King Pharmaceuticals Inc., New York Times Co., Office Depot Inc. and Eastman Kodak Co., according to a statement on the website of S & P after the close of business yesterday.

European shares rise 12 percent until late next year, surpassing the gains of 2010, as rising incomes and historically low interest rates to help businesses overcome the sovereign debt crisis, a survey of 13 strategists sample.

Goldman Sachs Group Inc., the most optimistic forecaster, said that the Europe Stoxx 600 Index will be joined by 20 percent, because the benefits can extend twice as fast as the rate of 14 percent over 26,000 average analyst estimates compiled by us. Bayerische Motoren Werke AG and WPP Plc, the largest global advertising can increase revenue by an average of 18 percent next year.

"People have problems with continued earnings growth and our opinion is do not be surprised if profit margins continue to expand," said JP Morgan Chase & Co. 's London-based strategist Mislav Matejka, European stocks providing rise 12 percent by the end of 2011. "We believe that the pace of earnings growth expected by analysts may actually be very low."

The companies are expanding in Europe, even as a growing concern that weak economies in the region will struggle to finance the deficit. BMW in Munich, the world's largest maker of luxury cars, said Nov. 23 it will shorten Christmas breaks in the plant due to the increasing demand for new models. Dublin-based WPP reported third quarter earnings in October that exceeded analysts' estimates as advertising recovered.

German growth

Germany, Europe's largest economy, raised its growth forecast for 2010 of 03 December, three days after the cost of insurance against default of the Spanish public debt, Ireland and Portugal rose to records. German business confidence rose to a record in November and retail sales rose more in nearly three years in October.

The benchmark Stoxx 600 has advanced 8.7 percent this year as the U.S. Federal Reserve pledged up to $ 600 billion of purchases of bonds to support the world's largest economy. The increase in the paths of advance of 10 percent in 500 of Standard & Poor's. Europe is forecast to grow by 1.7 percent next year, the International Monetary Fund.

The Stoxx 600 rose for the fifth day, rising 0.2 percent to 276.4 at 10:49 am in London, his longest streak of gains since July. Futures on the S & P 500 expiring in March rose 0.3 percent.

The policy of the Fed, bond yields below average and a "sweet spot" for European earnings will drive a rally, said Ian Richards, and Bishop Graham at the Royal Bank of Scotland Group Plc, the third most forecasters bullish forecast of 16 percent for the Stoxx 600.

Zero entries

While the funds focus on stocks around the world followed by the Investment Company Institute in Washington did not attract the net investment in the second quarter, the most recent period for which data are available, bond funds attracted 106 000 million dollars.

"Asset allocation Money has left the stock market," wrote Richards and the bishop in a report of 15 November. "The business sector can use the low cost of debt to drive shareholder returns," even without the funds entering the stock market, they said.

Analyst estimates compiled by us show annual revenue growth in Europe will average 46 percent in 2010 and 2011, more than any time in the last seven years. Deutsche Bank AG in Frankfurt, Germany's biggest bank, extend benefits by 45 percent in 2011, estimates compiled by us. Paris-based Cie. de Saint-Gobain SA, Europe's largest supplier of building materials could increase revenue by 28 percent, according to the data.

The performance gains

The performance gains for Stoxx 600 companies, or profit as a percentage of share price, is 6.53 percent. That is 3.6 percentage points higher than the yield on the benchmark German 10-year government. The spread reached 4.81 points in August, the highest since the financial crisis in 2008.

The value of the shares in favor, according to Goldman Sachs. The Bank of New York, December 1 recommended that investors buy companies with sales in key emerging markets and those in the core European economies like Germany.

Morgan Stanley said Germany and the UK as Europe's best countries for investment. Economic growth may exceed bond yields in both countries, a bullish sign for stocks, the bank wrote in a report dated 29 November. the ten-year German bonds yield 2.93 percent, compared with an estimated 2010 GDP growth of 3.5 percent.

"Pushed"

London-based strategist at UBS AG Karen Olney and Nick Nelson recommends Italy and France last week, the countries said they were "driven by fear sovereign," while "improving earnings momentum." French CAC 40 Index and FTSE Italy MIB are trading at or below 10 times estimated 2011 earnings, compared with a rating of 11 for the German DAX.

estimates of Strategists' to an increase of 11 per cent in European equities in 2010 have proved overly optimistic as the crisis in the region by government debt eroded confidence. The Euro Stoxx 50 of the largest companies in the euro area has lost 4.2 percent so far this year, while the Stoxx 600, which includes the countries of the euro, increased by 8.7 percent.

Shares in most of Europe, indebted countries and increased price swings pushed Europe's benchmark indicator of the volatility of the stock market to a five-month high last week. These trends are likely to continue next year, said Goldman Sachs.

Ireland Rescue

VStoxx Index, which measures the cost of protecting against a decline in the Euro Stoxx 50 rose 33 percent in November by the largest monthly gain since April as a bailout of the European Union led by Spain did not reassure investors the debt crisis is contained. IBEX 35, Spain has fallen 15 percent in 2010 and has ASE Greece fell 30 percent, making it the worst performer among the 24 developed markets tracked by us.

Tammo Greetfeld, Frankfurt-based strategist at UniCredit SpA, said that the Euro Stoxx 50 may fall to 2,400 by mid-2011, affected by the crisis of sovereign debt and cost reduction measures on the economies of the euro region . The reference measure for stocks in the euro area closed at 2,840.71 yesterday.

government liabilities as a proportion of gross domestic product increased in Europe this year on spending to improve the economy and bail out the banks. government debt in the EU reached 77.5 percent of GDP this year from 58.5 percent in 2007, according to IMF data. The proportion will reach 82 percent in 2012, IMF data show.

"Still Improve

"The necessary reform measures to stabilize the euro area pose a risk to short-term growth," said Greetfeld in an interview from 03 December. "Rising tensions within the euro area and the risk of further escalation must be weighed in the global equities market."

In Germany, where the DAX has risen 17 percent so far this year, the Bundesbank last week raised its 2010 growth forecast to 3.6 percent. The Organization for Economic Cooperation and Development and the IMF expects both the global economy will expand 4.2 percent next year.

"Global economic growth continues to improve, therefore argues that stock markets in the medium term," said Kevin Lilley, a fund manager who helps oversee about $ 2 billion at Royal London Asset Management in London. "In all the models run, there is still substantial return to the stock markets. I'm not comfortable with the volatility in the short term, but I'm sticking with the view that global GDP growth remains quite robust."

London-based Morgan Stanley strategist Graham Secker said that although market volatility will remain high until a "comprehensive solution" to the debt crisis is still winning stocks is around 7.3 per percent through 2011.

"We do not believe that the global bull market is over," Secker said in a press conference in London on 30 November. "There will be an opportunity to sell the market in the next one or two years, but the opportunity is now."

The following is a table of the strategists who have given estimates of 2011 for the indexes. implied earnings of about last week are in parentheses.

Prognostic Index Stock Strategist
RBS Richards / SXXP Bishop 320 (16%)
Morgan Stanley's Graham Secker MSDLE15 1,250 (7.3%)
UniCredit Tammo Greetfeld SX5e 2900 (+2.1%)
Goldman Sachs SXXP Peter Oppenheimer, 330 (20%)
Mislav Matejka JPMorgan MSDLE15 1310 (12%)
Bank of America Merrill Lynch, Gary Baker SXXP 300 (8.7%)
Societe Generale Claudia Panseri SXXP 310 (12%)
Deutsche Bank SXXP Gareth Evans 315 (14%)
Exane BNP Jansen / SXXP Kreckel 305 (11%)
Macquarie Matthias Joerss SX5P 2850 (9%)
Commerzbank team SX5e 3200 (+13%)
Edmund Shing Barclays SX5e 3350 (+18%)
Garry Evans HSBC SXXP 315 (14%)
UBS * Nelson Olney SXXP (16%)

* UBS has forecast earnings of 16 percent for the Stoxx 600
no dividends for the year 2011.

European stocks fluctuated with reference gauge heading for a weekly demonstration in the second place

European stocks fluctuated, with reference gauge heading for a weekly demonstration in the second place, as investors speculated that the benefits exceed the sovereign debt crisis. U.S. futures and the index rose, with shares in Asia were little changed.

TomTom NV gained 6.7 percent as UBS AG recommended buying shares of the largest European manufacturer of portable
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devices. MorphoSys AG advanced 6 percent after increasing its sales forecast. Standard Chartered Plc lost 2.3 percent after Bank of America Global Research Merrill Lynch cut its stance on the shares.

The Stoxx Europe 600 index added 0.1 percent to 276.25 as of 10:08 am in London, since the measure went to a weekly increase of 2 percent, its first weekly gain in back-to- back "since October. The index has risen 8.8 percent this year, corporate profits rose, the Federal Reserve announced a program of 600 billion U.S. dollars of bonds with option to help economic recovery U.S. and European Union rescued Greece and Ireland.

"Europe's debt problems are considered excessive," said Jonathan Shroud, a trader at London Capital Group Holdings Plc. "While concerns about the periphery nations still exist, they could not make a dent in the trend of improving economic data from the great nations of Europe, especially Germany."

Futures contracts on the Standard & Poor's 500 due in March next year rose 0.3 percent. The MSCI Asia Pacific Index little changed, declining less than 0.1 percent.

Predictions strategists'

European shares rise 12 percent by the end of 2011 as rising incomes and historically low interest rates to help businesses overcome the sovereign debt crisis, a survey of 13 strategists shows. Goldman Sachs Group Inc., the most optimistic forecaster, said that the Stoxx 600 will join the 20 percent, because the benefits can extend twice as fast as the rate of 14 percent over 26,000 average analyst estimates compiled by us.

Pacific Investment Management Co. raised its forecast for U.S. growth next year in response to the "tremendous amount" of the stimuli that drive the economy, as its executive director, Mohamed El-Erian. The bond fund manager of the largest in the world now sees the economy growing 3 percent to 3.5 percent in the fourth quarter of next year over the same period this year. That compares with its previous estimate of 2 percent to growth of 2.5 percent and 2.2 percent forecast profit for this year by the International Monetary Fund.

TomTom rose 6.7 percent to 7.85 euros UBS upgraded the stock to "buy" from "neutral."

MorphoSys AG advanced 6 percent to € 16.80. The company increased its revenue guidance for 2010 to a range of 91 million euros ($ 120.6 million) to 94 million euro from a previous range of 89 million euros to 90 million additional sales quoting purchase Sloning Biotechnology GmbH. MorphoSys also has signed a long term partnership with Pfizer Inc. for the U.S. pharmaceutical Sloning to use its technology platform.

Standard Chartered fell 2.3 percent to 1,768.5 pence after the bank was reduced to "neutral" from "buy" at Merrill Lynch Bank of America.

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Friday, December 10, 2010

Canadian dollar headed for the biggest weekly loss in a month against the dollar

Senate considers a measure to reduce taxes that would add $ 857 million to U.S. debt

Russia's second largest bank has become the first company of one of the emerging markets outside Asia to sell bonds

German stocks climb to two-year high.

Obama directed his staff to analyze options for the U.S. Review Tax system

United Nations envoys from 193 countries are trying to end two weeks of climate negotiations today with an agreement

Gold futures fell heading for a weekly loss

Cotton jumped to the highest price in almost a month

Occidental to pay $ 3.2 billion for the U.S. Campos, Argentina Sell Wells

May Immelt signal growing confidence in GE by Raising Dividend

Merkel and Sarkozy says 'non-negotiable Euro survival' Before the EU summit on crisis

Gold, copper, oil, corn extend gains next year

At least 19 countries will be absent from today's ceremony awarding the Nobel Peace

Areva to raise $ 1.2 billion sale of shares to Kuwait, France

Stocks Fall for First Day in Four on Milan Borsa

Oil rose for a second day in New York

The International Energy Agency may be overestimating the prospects of next year

U.S. -stock futures gained

Drag the debt stock of Europe as strategists gain 2011 View

European stocks fluctuated with reference gauge heading for a weekly demonstration in the second place

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